Forecast How BHP, Rio got it wrong
A forecast by mining giants Rio Tinto and BHP Billiton that China’s annual steel production will peak at 1 billion tonnes in the middle of next decade has been branded ‘‘lazy’’ and ‘‘convenient’’ by a former senior executive. The Fin
Blue over Barnett’s $8bn loan
Fresh doubts are emerging over the Barnett government’s resolve to slash its ballooning debt levels after it moved to borrow an extra $8 billion and vowed to proceed with plans to build a $2bn rail line to Perth Airport. The Aus
$1.6b Freo freight road is ‘a waste of money’
A report on the WA Government’s proposed $1.6 billion road freight link between Kewdale and Fremantle has described the project as a waste of taxpayers’ money that should be reconsidered immediately. The West
Direct hit on carbon target
The Abbott government has claimed vindication for its Direct Action policy, saying the first auction in the scheme has put Australia on track to “more than meet” its carbon-reduction target at a “fraction of the cost” of the carbon tax. The Aus
Newcrest bumps up gold output
Newcrest Mining has bumped up production for the second consecutive quarter and received a higher average gold price on the back of the falling Australian dollar. The Fin
Telstra poised for deal with Netflix
Telstra is in talks with Netflix about how to jointly market, promote and host the hugely popular streaming video provider’s services despite its partial ownership of direct rival, Foxtel. The Fin
Macmahon cuts 40 jobs, senior pay
Macmahon Holdings has reduced staff working hours, cut directors’ pay and made another 40 people redundant under restructuring carried out to satisfy its bankers. The West
The Australian Financial Review
Page 3: A forecast by mining giants Rio Tinto and BHP Billiton that China’s annual steel production will peak at 1 billion tonnes in the middle of next decade has been branded ‘‘lazy’’ and ‘‘convenient’’ by a former senior executive.
James Packer owns a house next to Israeli Prime Minister Benjamin Netanyahu in Tel Aviv, clutched the Prime Minister’s wife after a speech to the US Congress last month, and was described by one of his business partners this week as ‘‘the first non-Jewish Zionist in history’’.
Treasurer Joe Hockey has taken a swipe at Rio Tinto by urging companies that are ramping up production of iron ore to follow the lead of BHP Billiton and slow down.
Page 4: The federal government has poured cold water on proposals by Labor to curb negative gearing, claiming it would drive up rents and deter investment.
Page 6: The Victorian Police is investigating alleged criminal conduct involving serving and former union officials, including those from the CFMEU and former Health Services Union national secretary Kathy Jackson.
Page 7: Forty-three companies will be paid $660 million to eliminate 47 million tonnes of carbon that would otherwise enter the atmosphere under the first auction by the Abbott government’s $2.55 billion emissions reduction fund.
Page 10: In a win for the federal government, technology company IBM will back the development in Australia of vocational schools in which local employers help develop the curriculum, mentor students, and offer jobs to suitable graduates.
Page 33: George Savvides hasn’t had a lot of time to spend on his hobbies – fast boats and hockey – in the past six months, but he says he is adapting to a job that has him answering to thousands of investors instead of a single shareholder.
Page 35: Telstra is in talks with Netflix about how to jointly market, promote and host the hugely popular streaming video provider’s services despite its partial ownership of direct rival, Foxtel.
Health professionals and resources executives are growing concerned that crystalline methamphetamine, or ice, is becoming a ‘‘drug of choice’’ for miners intent on circumventing on-site testing.
Newcrest Mining has bumped up production for the second consecutive quarter and received a higher average gold price on the back of the falling Australian dollar.
Page 38: A late rally pushed the local sharemarket into positive territory on Thursday after trading in the red for most of the session, with strength in the miners ultimately outweighing another bout of weakness among the banks.
The Australian
Page 1: The Abbott government has claimed vindication for its Direct Action policy, saying the first auction in the scheme has put Australia on track to “more than meet” its carbon-reduction target at a “fraction of the cost” of the carbon tax.
Page 2: Fresh doubts are emerging over the Barnett government’s resolve to slash its ballooning debt levels after it moved to borrow an extra $8 billion and vowed to proceed with plans to build a $2bn rail line to Perth Airport.
Page 5: No foreign refugee living in Cambodia has gained permanent residency, let alone citizenship, a prospect that the Immigration Department holds out to Nauru detainees.
Page 19: The executive chairman of the Australian arm of giant Japanese conglomerate Mitsui said yesterday that despite the collapse of iron ore and coking coal prices as supply has soared, the intensity of China’s steel consumption has still not peaked.
The Commonwealth Bank will contact up to 4300 customers advising them they are eligible for payments after an independent review found failings and inconsistencies in the compensation program for those caught up in its financial planning scandal.
Page 20: BC Iron is struggling to break even as weak prices force the Pilbara miner to make deeper cost cuts.
Page 21: Telstra is betting on dramatic speed upgrades to its 4G mobile network and an aggressive push to replace PCs and laptops with internet-connected tablets to help reinvigorate its mobile broadband business.
Coles has established a $50 million fund offering grants and no interest loans to farmers and small-food processors looking to expand or invest in new technologies and innovative products.
Page 23: National Australia Bank has pushed back its expectations of a cut to the official cash rate to August, predicting the Reserve Bank will hold fire in May.
Page 32: The Australian sharemarket closed largely flat yesterday, despite a strong rally in mining stocks, as uncertainty over the timing of cuts to the official cash rate weighed on financial stocks.
The West Australian
Page 1: WA Police will break with nearly a century of tradition by wearing guns at tomorrow’s Anzac Day services in response to heightened concerns about safety.
Page 3: The Barnett Government’s above-inflation pay rises to nurses and doctors have opened the door to an above-inflation pay rise for 16,000 allied health, administrative, clerical and technical staff in the public hospital system — in breach of the strict wages policy.
Page 14: The Abbott Government would contribute less than $11 million to the historic $1.3 billion native title settlement covering Perth and the South West, Colin Barnett told State Parliament yesterday.
Page 20: Treasurer Joe Hockey has warned that changes to negative gearing could force up rents while undermining the financial security of investors and their children.
Page 30: A report on the WA Government’s proposed $1.6 billion road freight link between Kewdale and Fremantle has described the project as a waste of taxpayers’ money that should be reconsidered immediately.
Business: Directors and insolvency specialists are said to be working on a rescue plan for Viento Group after the contracting company was put into administration.
Telstra says video content will take up almost three-quarters of all internet traffic by the end of the decade, with recently released online TV streaming services set to define the rapid growth of data use in Australia.
Macmahon Holdings has reduced staff working hours, cut directors’ pay and made another 40 people redundant under restructuring carried out to satisfy its bankers.
Northern Star Resources is back on the hunt for opportunities, with managing director Bill Beament flagging a push to build the miner into a million ounce a year gold producer.